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"I wish them both well," Styler, 54, told PEOPLE Monday at the Whitney Museum of American Arts 2008 gala in New York.
"I love them both," she told Access Hollywood. "They're both dear friends [but] all good things sometimes come to an end."
"Obviously they've been struggling for a while," Styler added. "I think they're destined to become great pals."
Further to the topic, Styler also told Extra, "They're both big enough people to become great friends in time, and I'm sure that they will for the sake of their kids, if nothing else."
Styler and husband Sting set up Madonna and Ritchie during a 1999 dinner party at their Wiltshire home.
Styler is also godmother to the couple's elder son Rocco, 8, and served as executive producer on two of Ritchie's movies – 1998's Lock, Stock & Two Smoking Barrels and 2000's Snatch.
JOSH & FERGIE: ROCKED BY SCANDAL
Did he cheat with a stripper?
Married less than a year, the couple denies an Atlanta woman’s claims that she and Josh had a fling
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